What types of information products does MIB Solutions, Inc. offer? The MIB Solutions, Inc. marketing materials offer the following descriptions of multiple electronic information products to exchange consumer information among insurance and healthcare corporations:

“MIB Checking Service – Issue With Confidence

The MIB Checking Service is the flagship service offered by MIB, Inc. It is the fastest, most effective way to prevent omissions and material misrepresentations on insurance applications. It’s the best method available during underwriting to help you immediately confirm whether the information applicants provide is accurate and complete.

Underwriting Risk Management Solutions – Meeting Risk with Confidence

With shareholders, regulators, boards of directors and reinsurers demanding greater accountability, it has become critical for insurance companies to better manage risk — to analyze, quantify, prioritize and take action. From MIB Solutions comes a suite of services that answers the needs of today’s insurers: Underwriting Risk Management Solutions. It’s a unique collection of audit services and risk management consulting engagements that enhance the effectiveness and productivity of your underwriting department while keeping company resources free to focus on core business.

We utilize the MIB Checking Service together with cutting-edge analytic tools like Audit Focus to provide companies with a clearer understanding of risk. And the MIB Underwriting Network is comprised of a leading group of senior underwriters, each with decades of experience to provide their underwriting and consulting expertiseAudit Focus

MIB Solutions, Inc. Audit Focus is the only tool available for quickly and easily reviewing all of your newly issued life insurance policies, providing a perspective on mortality risk never before possible. It allows you to be more confident that the level of actual mortality risk being issued is consistent with your risk assumptions. You’re able to better identify, quantify and manage risk so you can make adjustments earlier, like fine-tune underwriting guidelines, focus training and improve processes, to help increase company profits.

With Audit Focus you’ll be able to see risk more clearly:

  • Checks every recently issued policy against the MIB medical impairment database
  • Uses our Mortality Risk Assessment Engine to evaluate and flag all high-risk policies – those that may have been issued in a rate class unsupported by the actual mortality risk
  • Reports results by your most important metrics: product type, age, face amount, risk class and more
  • Prioritizes high-risk cases for further review
  • Provides a consistent, unbiased third-party assessment of risk that you can monitor and trend over time

Audit Focus Re – Understand the Quality of Business Being Ceded by Every Company

MIB Solutions, Inc. Audit Focus Re is the only tool available to quickly and easily review 100% of newly assumed policies across every ceding company to understand the true mortality risk in your entire book of new business. Your book of new business could contain an accumulation of adverse risk or risk concentrations that differ from your risk assumptions. An Audit Focus review identifies hidden mortality risk so you can take immediate action to improve the quality of recently ceded business.

With Audit Focus you can:

  • Look at every new policy from every ceding company
  • See which cases are outside of your risk tolerances
  • Quickly identify risk concentrations and prevalence of unexpected medical conditions
  • Identify high-risk cases by ceding company to prioritize audits
  • Monitor those companies you are unable to audit
  • View reports by your most important metrics
  • Better manage risk for improved financial performance

Security Alert Services – For OFAC, OSFI and USA Patriot Act Compliance
MIB Solution, Inc.’s Security Alert Services assists MIB members and other financial service companies who are required by the USA PATRIOT Act – U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) and Canada’s Office of the Superintendent of Financial Institutions (OSFI) to not conduct business with “Specially Designated Nationals”

A Security Alert search is automatically performed on every applicant run through the MIB Checking Service data base – this offering is a useful adjunct to check name assignments beyond underwriting such as policyholder and beneficiary changes, claims, etc. Both our web-based Transactional Service and outsourced Portfolio Sweeps use MIB’s precise name search technology. Security Alert Services gives companies the flexibility they require to meet their unique needs.”

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